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Re: News Release - Friday, January 16, 2009
Northern Tiger Announces Proposed Private Placement & Property
Acquisition
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January 16, 2009: Northern Tiger Resources Inc. (NTR: TSX-V)
("Northern Tiger" or the "Company") is pleased to announce it intends
complete a non-brokered private placement with Coyote Copper Inc., a
private company incorporated under the laws of the province of British
Columbia ("Coyote Copper"), of units of Northern Tiger at a price of
$0.07 per unit ("Unit") for estimated gross proceeds of up to $267,500
(the "Private Placement"). Each Unit consists of one (1) common share
and one (1) warrant ("Warrant"). Each Warrant is exercisable at $0.12
and will expire 24 months from the date of closing. Coyote Copper is a
related party to Northern Tiger by virtue of a commonality of certain
directors, officers and shareholders.
In conjunction with the Private Placement, Northern Tiger has signed an
agreement with Coyote Copper, among others, to acquire 100% interest in
a mineral property in Arizona, USA for a nominal amount. In connection
with the proposed property acquisition and in order to maintain its
interest in the property, the Company will assume certain obligations
under a property agreement dated March 6, 2007 as follows: (i) pay US
$15,000, and issue 25,000 common shares by October 1, 2009; (ii) pay US
$20,000, and issue 25,000 common shares by October 1, 2010; (iii) pay
US $25,000 by October 1, 2011; (iv) pay US $75,000 by October 1, 2012;
and (v) pay a 0.50% net smelter return royalty, up to a maximum of
$750,000, upon commencement of commercial production on the property.
The common shares will be issued at a deemed price equal to the closing
price of the common shares on the date of issuance. The cash payments
and common share issuances will be made to an arm's length party.
The transactions are subject to a number of conditions including TSX
Venture Exchange approval and Coyote Copper shareholder approval.
Northern Tiger Resources Inc. is a new Canadian-based resource
exploration company focused on the rapidly developing Dawson Range
gold-copper mining district in the Central Yukon. Through its
exploration alliance with Capstone Mining Corp.'s wholly owned
subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a
wide range of experience, knowledge and capabilities from early
exploration to mine production.
For further information please contact:
Greg Hayes, President and CEO
Toll Free: 1-866-266-6569
Fax: (780) 428-3476
info@northern-tiger.com
www.northern-tiger.com
Trading Symbol: NTR: TSX-V
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization, exploration
results, resource or reserve estimates, anticipated production or
results, sales, revenues, costs, "best-efforts" financings or
discussions of future plans and objectives. There can be no assurance
that such statements will prove accurate. Such statements are
necessarily based upon a number of estimates and assumptions that are
subject to numerous risks and uncertainties that could cause actual
results and future events to differ materially from those anticipated
or projected. Important factors that could cause actual results to
differ materially from the Company's expectations are in Company
documents filed from time to time with the TSX Venture Exchange and
provincial securities regulators, most of which are available at
www.sedar.com. The Company disclaims any intention or obligation to
revise or update such statements. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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Copyright (c) 2009 NORTHERN TIGER RESOURCES (NTR) All rights reserved.
For more information visit our website at
http://www.northern-tiger.com/ or send mailto:info@northern-tiger.com
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